1. Field of the Invention
The present invention is generally related to clearing house systems, and more particularly to a system, computer program and method for processing presentment and settlement information to institutions participating in a regional or national clearing house.
2. Discussion of the Background
In a clearing house settlement system checks and other cash items drawn against different institutions are exchanged. The clearing house institutions to the exchange report data regarding the items presented and exchanged with other receiving institutions. This data may include the number of items and amount of items exchanged. A clearing house processes the data and calculates the net credit or debit for institutions participating in an exchange. The clearing house then initiates the debit or credit of an account of the respective member institutions. However, the data often include discrepancies. Since the debit or credit of the accounts relies on the accuracy of the data received from the institutions, which may include discrepancies, there are inefficiencies associated with attempting to reconcile the checks and other cash items drawn against different institutions.
Additionally, adjustments to the debits and credits due to inaccuracies typically require physical copies of the debit or credit items to be delivered to the institution so that the adjustment can be verified. This results in significant delays in reconciling discrepancies in the data received from the institutions.
Thus, there currently exists deficiencies in receiving and processing presentment and settlement information.